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MARC FABER: FED POLICY WILL ‘DESTROY THE WORLD’

 
waht

User ID: 23280625
United States
09/14/2012 11:13 AM
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MARC FABER: FED POLICY WILL ‘DESTROY THE WORLD’
Here’s the transcript.

—————

Faber on more Federal Reserve stimulus:

“It is difficult to tell what will happen. I happen to believe that eventually we will have a systemic crisis and everything will collapse. But the question is really between here and then. Will everything collapse with Dow Jones 20,000 or 50,000 or 10 million? Mr. Bernanke is a money printer and, believe me, if Mr. Romney wins the election the next Fed chairman will also be a money printer. And so it will go on. The Europeans will print money. The Chinese will print money. Everybody will print money and the purchasing power of paper money will go down. And I don’t like bonds. I don’t particularly like equities, but I think equities are a better space to be in than bonds.”

On what he will do with his portfolio in reaction to yesterday’s move:

“I own corporate bonds and I recently, as I wrote, I pulled some bonds from Kazakhstan because Kazakhstan economically is a much sounder country than the United States or any European country. But it is in small doses. I wouldn’t put all of my money in corporate bonds. They have an equity character. I also own equities still in Asia and as I pointed out already four months ago for the first time in my life I bought equities in Portugal, Spain, Italy and France because they were unbelievably distressed. I think what people overlook today is they look at markets but they don’t look at what happens within the market. In the last 12 to 18 months the U.S. has massively outperformed European markets, Asian markets with a few exceptions and now some markets are relatively depressed. I could argue the Chinese stock market is now relatively depressed. So the asset allocators may move some money in Chinese stocks and then they can rally 10% to 20%.”

“The fallacy of monetary policy in the U.S. is to believe this money will go to the man on the street. It won’t. It goes to the Mayfair economy of the well-to-do people and boosts asset prices of Warhols…Very happy. Very good for the Fed. Congratulations, Mr. Bernanke. I’m happy. My asset values go up but as a responsible citizen I have to say the monetary policies of the U.S. will destroy the world.”


Video:
[link to investmentwatchblog.com]

Last Edited by waht on 09/14/2012 11:18 AM
Anonymous Coward
User ID: 5073178
United States
09/14/2012 11:16 AM
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Re: MARC FABER: FED POLICY WILL ‘DESTROY THE WORLD’
they have to tear it all down to build it back up.
Mode

User ID: 2018781
Singapore
09/14/2012 12:30 PM
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Re: MARC FABER: FED POLICY WILL ‘DESTROY THE WORLD’
they have to tear it all down to build it back up.
 Quoting: Anonymous Coward 5073178


I agree with you.

And lessons learned.

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